Recent Swing Trades Begin Working

Monday, April 05, 2010

Today was a nice day for my swing trading ideas. Only Nike (NKE) failed to offer a trade remaining within its high-level consolidation base throughout the day. Las Vegas Sands (LVS) jumped nearly 10% today rocketing back through the $22 level and closing up nicely for the day at $23.34. I think there's still a good deal of room for LVS to run. The $30 level doesn't seem unreasonable as LVS is a great leveraged play on the economic rebound theme going into first quarter earnings season. I am following advice out of High Charts Patterns: "The best trading advice we could ever give is to trade around the base. The base is everything." I'll stay long but continually buy on pullbacks and sell on rallies. Sometimes I do this well, other times I cause myself a bunch of headaches. Either way, I've gotta do something while I'm sitting here all day, right?

I have the same "base" strategy in WFMI as that traded through the 52-week highs of $37 and tacked on another 70 cents for a solid 2% gain on the day. I've booked a lot of the trade but I still see more upside possible to $40. Last but not least, TLT broke down hard today falling 1.5% as the 30-year took out support. I never got the chance to add to this position but it seems like it has a good deal of room to the downside over time.

Disclosure: Long WFMI, NKE, LVS. Short TLT.
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